Business growth is a dream that sparkles in the eyes of many small business owners. But bigger is only better when your business is set up to support the life you want. However, bigger is not necessarily better. It will become best if your business supports you in having a life you love, with an income to match, and providing services or products you're proud to deliver. So, how do you get there for sustainable success in 2022 and beyond? Let's take a look here!
Most people immediately think of taking legal steps to ensure the right people inherit their stuff when they die. Although that thought is not wrong, it also highlights the importance of planning for life. Planning that’s focused solely on who gets what when you die is ignoring that death isn’t the only thing you must prepare for. Consider that at some point before your eventual death, you could be incapacitated, which can drag out over many years, leaving you and your family in agonizing limbo.
The constant whirlwind of excitement and activity surrounding the launch of your startup can leave you feeling overwhelmed. You can get so focused on the day-to-day tasks and responsibilities of getting your operation up and running that you neglect some of your company's most vital legal components. Because you're so busy and likely not generating much revenue during the startup phase, it may be tempting to try to handle everything on your own and not seek out the support of a business lawyer.
As you already know, but may not have given much thought about, the most important inheritance you provide is so much more than the money you'll leave behind, but also includes your wishes, insights, stories, and experience. That's why, this year, we invite you to ask your loved ones the 32 important questions that can reveal a wealth of valuable life lessons - family treasures to discuss and share with generations to come.
When you realize that your biggest personal and business expense is taxes, it can come as quite a shock. Seeing so much of your money wind up in the government's hands can feel like a shakedown. So, it's crucial to strategize to reduce your taxes. Some people resist enforcing creative tax strategies because they're worried it will get them in trouble with the IRS. However, as long as you do things properly, there's nothing illegal about strategizing to pay the least amount of taxes possible.
NFTs, or "non-fungible tokens," are the latest sensation in the cryptocurrency universe or the "Cryptoverse." And if you haven't heard about NFTs yet, now is a great time to learn because they're likely to be a big part of our collective future. You might be wondering why anyone would spend such vast sums on digital images that you can download from the Internet for free. Here we'll explain what you need to know about NFTs and how to ensure your estate plan covers them if you own one.
You've most likely heard people mention a couple of different types of wills when it comes to estate planning, and the most common is a "last will and testament," or known as a "will." But you may have also heard people talk about what's called a "living will." Both terms describe important legal documents, but their purpose and how they work are very different. We'll discuss some of the most critical things you should know about living wills and why it's essential in every adult's estate plan.
Many entrepreneurs structure their business as an LLC because, like corporations, LLCs offer personal liability protection for their owners. But unlike corporations, LLCs are not legally required to adhere to many of the same corporate formalities required of corporations. Although the administrative requirements for an LLC are far less strict than for a corporation, you’ll still need to abide by some operational formalities if you want to maintain your personal liability protection.
The pandemic has caused Americans to change their behavior in different ways, and one of the most positive of these changes is related to estate planning. While many people said that the pandemic inspired them to see a greater need for creating an estate plan, others still don't think that estate planning is important. But as we've outlined here, not having an estate plan can be traumatic and costly for both you and your loved ones, who will be forced to deal with the mess you've left behind.
If you have children from a previous marriage, and you become incapacitated or die, leaving everything to your new spouse or partner, there is almost certain to be some conflict (whether spoken or not) between your children and new spouse. You can avoid all of this (and even use the estate planning process to build stronger bonds with those you love) by having clear planning in place that has been discussed with your children and your new spouse or partner.